Operating earnings grew by 2 396% to $4,3 Billion.
During the period under review, Truworths said the business generated positive cashflows throughout the period while interest earnings potential was curtailed due to the low interest rate environment during the period under review.
The group declared a $0,72 interim dividend, and said trading conditions were likely to remain difficult due to erosion of consumer disposable incomes by persistent hyperinflation and foreign currency shortages. Units sold in the period October to December 2006 declined by 9% while overall first half sales volumes slumped 21%.
Massive profit for FBC
DESPITE an unstable operating environment for the financial sector, FBC Holdings recorded a $28 billion profit before tax for the year ending December 31, 2006, surging 3 129% from $868 million posted during the same period last year.
Interest income stood at $46,9 billion against $14 billion interest expenses.
FBCH is the holding company of FBC Bank, FBC Building Society, FBC Reinsurance Ltd (FBC Re) and FBC Securities.
The group cost to income ratio improved to 28% from 38% while basic earnings per share attributed to equity holders increased by 3 287% to $52,16 from $1,54 last year.
Assets increased by 2 761% to $92 billion from $3 billion. Directors recommended a $15,60 final dividend per share.
Name change for Caltex
CALTEX Oil Zimbabwe has changed name to Chevron Zimbabwe (Pvt) Limited with immediate effect.
“Caltex Zimbabwe will be changing its company mane to Cheveron Zimabwe with immediate effect. Our well-known retail brand, Caltex will however remain the same…We will continue to support, drive and invest in the Caltex bran and retain our highly regarded family of product and lubricant brands,” said Caltex in a statement.
Caltex is a member of Chevron, one of the world’s largest integrated energy companies. Chevron subsidiaries conduct business in approximately 180 countries across the world.
Bakers face collapse
THE National Bakers Association (NBA) has made a proposal to government to consider variations in the standards of bread as a way to enable bakers to cut costs of production.
Bakers submitted to government proposals for the wholesale price of a standard loaf of bread to be increased to about $1 500 a loaf. If the request were granted it could put the retail price of a standard loaf of bread at about $2 500.
Bread is already being sold for more than $1 800 in most shops. At the current wholesale price, bread manufacturers said they made losses of $900 a loaf.
The bakers said most operators in the industry were facing collapse and 30 000 jobs in the industry were on the line.
Bakers have thus proposed that if the government felt their demands would be unbearable to consumers, it should allow bakers to produce different standards of bread, targeted at low and high-income consumers.
Musona sues FNBS
FORMER First National Building Society finance director Nicholas Musona has taken the society’s former curator, David Scott, to court in a bid to recover his two vehicles.
The vehicles a Mazda 323 Familia and Nissan Hardbody were used as collateral when Musona borrowed money from FNBS to set up an investment company called Strongline Investments.
When FNBS was preparing to list on the stock exchange, it became necessary for shares held by the investment company to be unencumbered. Musona took over the loan in his personal capacity and entered into an acknowledgment of debt agreement with the society and pledged certain immovable properties as security.
Musona said despite the debt having been settled, Scott refused to release the two vehicles, which are still being held at Ruby Auctions.